SARS

Outgoing SARS Commissioner Edward Kieswetter has reflected on his seven-year tenure, crediting trust-building, system modernisation and taxpayer compliance for the agency's recovery. He noted that SARS exceeded R2 trillion in revenue for the first time this year. However, Kieswetter warned that underfunding continues to hinder optimal performance.

April 08, 2026 Reported by AI

The 2026 South African budget has increased the single discretionary allowance to R2 million per adult, allowing couples to transfer up to R4 million offshore annually with reduced paperwork. This change simplifies moving funds abroad but experts warn of potential tax and exchange rate pitfalls.